Материал: 2016

11

6Who is answerable to the government?

7What is given to the controlling board?

8Why were commercial enterprises brought under public ownership?

9What is a compromise between public responsibility and commercial efficiency?

10.What is the main purpose of the public corporation?

11What must any profits of public corporation be used for?

12.How have the losses of public corporations been financed?

UNIT 6

Exercise 1. Read and translate the text.

THE PAYROLL OF A COMPANY

The list of people employed by a company is known as the payroll. The payroll is usually divided up as follows:

•monthly-paid staff

•weekly-paid staff

•hourly-paid staff

Office staff are either monthly or weekly paid and the money they get is called salaries, which are usually set.

Workers are either weekly or hourly paid and they get set wages.

Many companies often operate a bonus system for monthly and weekly-paid staff. The bonus is usually paid against certain work done.

The amount of the bonus payment is worked out from the employees job cards. Hourly-paid staff are usually on the clock. Under this system each worker has a

clock number and a clock card. He records his hours of work on the clock card by inserting it into what is literally a clock.

A device in the clock stamps the card with the time. At the end of each week the clock cards are collected by the timekeepers. The cards are checked and then passed on to the Wages Office. In the Wages Office the wages and overtime are calculated.

When monthly or weekly-paid staff work overtime they are paid overtime. Employees are sometimes paid in cash or by cheque. But direct payments into

the employee's bank accounts are becoming more and more popular.

12

As a rule, employees get pay advices for the paid period.

The advice states the earnings, all the deductions and the total amount payable. The deductions usually include National Health Insurance contributions.

Exercise 2. Translate the following words into Russian payroll

to pay monthly-paid

weekly-paid hourly-paid wages salary bonus

job

to insert

literally to stamp

timekeeper to check to pass overtime

to calculate advice earnings

deduction contribution insurance

Exercise 3. Sum up what the text said about

a)monthly-paid staff;

b)hour-paid staff;

c)pay-advices;

d)bonus and overtime.

13

UNIT 7

Exercise 1. Read and translate the text.

BOOKKEEPERS, ACCOUNTANTS AND CONTROLLERS

Bookkeepers deal with taxes, cash flow, which include cash receipts and cash disbursements, sales, purchases and different business transactions of the company. Bookkeepers first record all the appropriate figures – in the books of original entry or Journals. At the end of a period, usually a month, the totals of each book of original entry are posted into the proper page of the Ledger. The Ledger shows all the expenditures and all the earnings of the company. On the basis of all the totals of each account in the Ledger, the bookkeeper prepares a Trial Balance. Trial Balances are usually drawn up every quarter.

The accountant's responsibility is to analyze and interpret the data in the Ledger and the Trial Balance.

The accountant is to determine the ways in which the business may grow in the future. No expansion or reorganization is panned without the help of the accountant. New products and advertising campaigns are also prepared with the help of the accountant. The work of accountants is rather sophisticated.

The chief accounting officer of a large company is the Controller or Comptroller. Controllers are responsible for measuring the company's performance. They interpret the results of the operations, plan and recommend future action. This position is very close to the top executives of the company.

Exercise 2. Translate the following words into Russian

bookkeeper

accountant controller cashflow receipts disbursement

appropriate entry journal

14

to post ledger

trial balance responsibility data

expansion to advertise

advertising campaign sophisticated accounting

officer

to measure performance executive

Exercise 3. Translate the sentences into Russian

1The work of accountants is rather sophisticated.

2Controllers are responsible for measuring the company's performance.

3Now products are also prepared with the help of the accountant.

4They interpret the results of the operations.

5This position is very close to the top executives of the company.

6His responsibility is to analyse the data.

7Bookkeepers first record all the figures into the books of original entry.

8The Ledger shows all the expenditures.

9Bookkeepers deal with taxes, cash flow, sales, and purchases.

10Trial Balances are usually drawn up every quarter.

11The bookkeeper prepares a Trial Balance.

Exercise 4. What is said in the text about

a)bookkeepers;

b)accountants;

c)controllers.

15

UNIT 8

Exercise 1. Read and translate the text.

COMPANY FINANCE

A company's share capital is often referred to as equity capital. Part of the company's profit is paid to shareholders as a dividend according to the number of shares they own. If shareholders sell their shares they get more or less than the face value. It depends on the fact if the company is doing well or badly.

If the company needs to raise more capital for expansion it might issue new shares. Often it gives existing shareholders the right to buy these new shares at a low price. This is called right issue.

If the company wants to turn some of its profit into capital or capitalize some of its profit it can issue new shares at no cost to the existing shareholders. This issue is called bonus or capitalization issue. Companies often issue such shares instead of paying dividends to the shareholders.

A business must be supplied with finance at the moment it requires it. If there is a regular inflow of receipts from sales and a regular outflow of payments for the expenses of operation there are no serious problems. But in many cases a considerable time must elapse between expenditure and the receipt of income. It is the purpose of financial institutions to assist in the financing of business during this interval. Business companies turn to the capital market and the commercial banks for assistance.

Vocabulary